Scope of application
- This Auditing Standard specifies and guides the auditor's responsibility and corporate auditing (hereinafter referred to as an "auditor") in performing quality control procedures during an audit of the financial statements. This International Standard also specifies the responsibility of a quality control reviewer during an audit. This Standard should be applied in relation to relevant ethical standards and regulations.
Quality control system and the role of the audit team
- The firm is responsible for the quality control system, policies and procedures of the audit activity. In accordance with VSQC11, paragraph 1, the firm is obligated to develop and maintain a quality control system for reasonable assurance that:
- The firm and its officers and employees have complied with professional standards, laws and relevant regulations;
- The report issued by the auditing firm is appropriate to specific circumstances.
This Auditing Standard is based on the firm's compliance with the VSQC1 Quality Control Standards and other relevant regulations on quality control (see paragraph A1 for guidance).
- Within the firm's quality control system, engagement teams are responsible for performing quality control procedures appropriate for the audit and for providing the firm with relevant information. quality control system function related to independence.
- Unless otherwise disclosed by the firm or other parties, engagement teams have confidence in the firm's quality control systems. (Ref: Para. A2)
- The auditor and the firm shall comply with the provisions of this Standard in the performance of the audit and the provision of related services.
The audited entity (the customer) and the parties using the results of the audit shall have the necessary understanding of the principles and procedures laid down in this Standard for the performance of their responsibilities and for public coordination. Working with the auditor and the firm resolves relationships in the audit process.
Full text view Auditing Standard No. 220